Molycorp (MCP) has its price target lowered again by JPMorgan, this time to $8.50 as the firm...

Molycorp (MCP) has its price target lowered again by JPMorgan, this time to $8.50 as the firm believes additional capital raises will be needed. It was JPM's Mike Gambardella who called out management on this month's earnings call for their inconsistency regarding funding issues and then downgraded the following day (when MCP lost a quarter of its value). Taking a breather from disappearing, shares +1.3% premarket.

What was Mike's price target after the IPO? I suspect JP Morgan missed the run up significantly. In my opinion, he is among a legion of hypercompensated analysts whose price targets are discerned through the lenses of company self interest.